Fuel Systems Co-Founder To Vote Against Proposed Merger With Westport

(RTTNews) - Pier Antonio Costamagna, a co-founder of Fuel Systems Solutions, Inc. (FSYS) sent a letter to the board of FSS announcing his intention to vote against the proposed merger of Westport Innovations (WPT.TO, WPRT) and FSS.

"I am concerned by how significantly Westport and this transaction have changed since this deal was first announced. My reasons include: the $71 million investment in Westport by Cartesian Capital Group for financing of various global growth initiatives could significantly jeopardize the financial health of the combined company; the amendment of the merger agreement entered into on March 6, 2016 is not adequate," Costamagna stated.

Costamagna has sole voting power over 1,584,589 shares of FSS common stock, representing approximately 8.8% of outstanding shares.